Ryan Cohen keeps buying GameStop stock. The GameStop (NYSE:GME) CEO bought another 700,000 shares on 2 October 2026 at a weighted average price of US$24.41, according to an SEC Form 4 filed the same day. It was his fourth open-market purchase since 10 September, taking his recent buying to more than 3.3 million shares and about US$74.4 million.
Ryan Cohen’s four GameStop share purchases since September
Every trade was coded “P” on his Form 4 filings, which means an open-market purchase with his own money, not a stock award or option exercise.
| Trade date | Shares bought | Average price | Total value |
|---|---|---|---|
| 10 September | 1,000,000 | US$20.38 | US$20.38 million |
| 21 September | 1,150,680 | US$22.94 | US$26.39 million |
| 29 September | 450,000 | US$23.48 | US$10.56 million |
| 2 October | 700,000 | US$24.41 | US$17.08 million |
| Total | 3,300,680 | US$22.55 | US$74.42 million |
The detail that stands out is the price. Cohen paid about 20% more per share on 2 October than on 10 September, buying as the stock climbed rather than waiting for a dip.
What Cohen’s Form 4 filing shows
The 2 October Form 4 shows the 700,000 shares were bought in multiple trades between US$24.36 and US$24.44, leaving Cohen with 41,648,522 shares held directly. Our guide on how to read SEC Form 4 filings explains each section.
His matching Schedule 13D/A confirms the shares were bought with personal funds. Counting 3,734,784 warrants, Cohen owns about 8.9% of GameStop.
Three GameStop directors are buying too
Cohen is not buying alone. Since GameStop reported second-quarter results on 8 September, three directors have also bought shares:
- Lawrence Cheng bought 55,000 shares at about US$18.80 on 8 September, worth about US$1.03 million, through Cheng Capital LLC (Form 4).
- James Grube bought 10,255 shares at US$19.12 on 9 September, worth about US$196,000 (Form 4).
- Nat Turner bought 10,462 shares at US$24.33 on 1 October, worth about US$254,500. His Form 4 shows these are the only GameStop shares he holds directly.
Several insiders buying within weeks is known as cluster buying, which many investors see as a stronger signal than a single purchase. We saw a similar pattern when Uber’s CEO bought US$10 million of stock alongside other insiders.
Why the 30 October warrant deadline matters
GameStop’s warrants let holders buy one share at US$32.00 and expire at 5:00 pm New York time on 30 October 2026, according to GameStop’s warrant announcement.
At his latest price of US$24.41, GameStop shares would need to rise about 31% in roughly four weeks for Cohen’s 3,734,784 warrants to be worth exercising. Rather than relying on that, he has been buying common shares directly.
What is behind Cohen’s confidence in GameStop
The purchases began two days after a strong second-quarter result. In its 8 September earnings release, GameStop reported net sales of US$790.2 million, down from US$972.2 million. However, operating income rose to US$160.2 million, its highest second-quarter result on record, and net income reached US$298.7 million.
Collectibles sales jumped 57% to US$356.3 million, and GameStop raised its fiscal 2026 adjusted EBITDA outlook to more than US$650 million. We covered those results in our article on Cohen’s first US$20 million purchase in September.
What GME investors should watch next
- More Form 4 filings. Cohen has been filing on the day he buys.
- The 30 October warrant expiry. Watch how the share price trades into the deadline.
- Third-quarter results. These will show whether collectibles growth and margins hold up.
Insider buying is not a guarantee. GameStop shares remain highly volatile, and even a CEO with this much conviction can be wrong.
Bottom line
Ryan Cohen has put about US$74.4 million of his own money into GameStop stock in just over three weeks, paying more each time, while three directors bought alongside him. The CEO is backing the company with cash, not just his warrants.
